Saudi Arabia Electric Bus Market Size Expands at Significant CAGR of 7.11% During 2024–2030 to Reach USD 138 Million by 2030

Published | 06 February 2024

Saudi Arabia Electric Bus Market is flourishing due to an increasing need for fuel-efficient, air-combating, and non-polluting buses, as well as the focus on replacing conventional bus fleets with electric buses.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Saudi Arabia Electric Bus Market size at USD 85.34 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Saudi Arabia Electric Bus Market size to expand at a CAGR of 7.11% reaching a value of USD 138 million by 2030. An increasing need for fuel-efficient, air-combating, and non-polluting buses, as well as the desire to replace their present conventional bus fleets with electric buses, are some of the key reasons driving the growth of the Saudi Arabian Electric Bus Market. The Saudi government’s efforts to attain zero emissions objectives, rigorous regulations, and growing environmental concerns are also driving the use of electric buses.

Opportunity: Adoption of advancements in technology

Advances in battery technology, such as improvements in energy density, durability, and charging capabilities, can directly impact the performance and range of electric buses. Longer driving ranges and faster charging times make electric buses more practical and attractive for both operators and passengers. Technological advancements in charging infrastructure, including the development of faster and more efficient charging stations, can address concerns about the availability and speed of charging for electric buses. A well-developed charging infrastructure encourages the adoption of electric vehicles. Integrating electric buses with smart grid technology allows for optimized energy use and load management. Smart grid systems can help balance the electricity demand, reducing the impact of large-scale electric bus charging on the power grid.

Impact of Geopolitical Tensions on Saudi Arabia Electric Bus Market

Uncertainty brought about by geopolitical conflicts may affect both domestic and foreign investments. Funds that might have been allocated for the growth of the Electric Bus Market, such as manufacturing facilities, research and development, and charging infrastructure, could be slowed down or diverted due to the geopolitical uncertainties. Global supply chains may be disrupted as a result of geopolitical tensions. International sourcing of components is necessary for the assembly of electric buses, thus any disruptions in the supply chain could impact production schedules and raise costs. It may impede the expansion of the Electric Bus Market in Saudi Arabia.

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Saudi Arabia Electric Bus Market

Segmental Information

Saudi Arabia Electric Bus Market - By Capacity

Based on capacity, the above 250 kWh segment is expected to grow at the highest CAGR during the forecast period. Electric buses with battery capacities above 250 kWh offer significant advantages in terms of extended driving range and capability to handle longer routes without frequent recharging. Buses with larger battery capacities can cover longer distances on a single charge. This extended range is particularly beneficial for inter-city or long-distance routes, making them more versatile in meeting various transportation needs. Larger battery capacities mean that buses require less frequent charging. It can lead to improved operational efficiency as buses spend more time on the road serving passengers and less time at charging stations. It is especially advantageous for routes that may not have a dense charging infrastructure.

Competitive Landscape

The Saudi Arabia Electric Bus Market is fragmented, with numerous players serving the market. The key players dominating the Saudi Arabia Electric Bus Market include Tata Motors Limited, Zhuzhou CRRC Times Electric Co Ltd, Mercedes-Benz AG, AB Volvo, Yutong, and Avass Group. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the Saudi Arabia Electric Bus Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the Saudi Arabia Electric Bus Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia Electric Bus Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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